Lum Chang Creations shares close 22% higher than IPO price on Catalist debut

Lum Chang Creations (LCC) rose on its Catalist board debut on the Singapore Exchange on Monday (Jul 21).

The counter, which had begun trading at a price of S$0.30 a share, closed at S$0.305, about 22 per cent higher than its initial public offering (IPO) price of S$0.25 a share.

It debuted with the stock code LCC, with a market capitalisation of about S$81.4 million at closing.

Of the 49 million shares offered, a million were about 47.3 times oversubscribed by retail investors. The others were offered under the placement tranche.

Lim Thiam Hooi, managing director at LCC, said: “The proceeds will support our expansion plans, including growth into high-end residential projects and potential opportunities in regional markets.”

LCC is an urban revitalisation specialist in conservation and restoration, interior fit-outs, as well as addition and alteration works.

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Lim previously told The Business Times that this was the “best time” for the company to list as it was scaling rapidly. He said on Monday that the company was looking to capitalise on “Singapore’s growing focus on heritage conservation and urban revitalisation”.

The company had been spun off from Lum Chang Holdings (LCH), which was listed on the SGX mainboard, after an internal restructuring that ended in June.

LCH has a 71.1 per cent stake in LCC following the IPO; Lim owns around 13.3 per cent, and the public, the remaining 15.6 per cent.

RHT Capital is the sponsor and issue manager for the offering, while CGS International Securities Singapore is the underwriter and placement agent.

The company’s board of directors have said they intend to recommend dividends of at least 30 per cent of the group’s net profit attributable to shareholders in the financial year ending Jun 30, 2025, and in the corresponding period next year.